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NORWEST ADVANTAGE FUNDS
INCOME STOCK FUND
VALUGROWTHsm STOCK FUND
SMALL COMPANY STOCK FUND
CONTRARIAN STOCK FUND
INTERNATIONAL FUND
A SHARES
B SHARES
Amendment to Prospectus Dated October 1, 1995
INCOME STOCK FUND
Management of the Trust has proposed that Income Stock Fund merge with the
Trust's Income Equity Fund by having Income Equity Fund acquire the assets and
assume the liabilities of the Income Stock Fund. Upon consummation of the
proposed transaction, shareholders of Income Stock Fund will become shareholders
of Income Equity Fund.
This transaction has been submitted for approval to the shareholders of the
Fund. A meeting of shareholders of the Fund for the purpose of voting on the
transaction has been scheduled on May 13, 1996. March 25, 1996 was fixed as the
record date for the determination of those shareholders entitled to notice of,
and to vote at, this meeting. The combinations will be effected shortly after
shareholder approval is obtained.
Income Equity Fund has an investment objective and investment policies that are
similar to those of Income Stock Fund and invests in the same type of securities
in which the Fund currently invests. A prospectus for Income Equity Fund may be
obtained by contacting the Trust at 612-667-8833 or 800-338-1348.
VALUGROWTH STOCK FUND, SMALL COMPANY STOCK FUND, CONTRARIAN STOCK FUND AND
INTERNATIONAL FUND
A Shares and B Shares of ValuGrowth Stock Fund, Small Company Stock Fund,
Contrarian Stock Fund and International Fund are no longer offered for sale
through this prospectus. The current prospectus for those Funds may be obtained
by contacting the Trust at 612-667-8833 or 800-338-1348.
April 1, 1996
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NORWEST ADVANTAGE FUNDS
ADJUSTABLE U.S. GOVERNMENT RESERVE FUND
GOVERNMENT INCOME FUND
INCOME FUND
TOTAL RETURN BOND FUND
A SHARES
B SHARES
Amendment to Prospectus Dated October 1, 1995
ADJUSTABLE U.S. GOVERNMENT RESERVE FUND AND
GOVERNMENT INCOME FUND
Management of the Trust has proposed that Adjustable U.S. Government Reserve
Fund and Government Income Fund merge with the Trust's Stable Income Fund and
Intermediate U.S. Government Fund, respectively, by having Stable Income Fund
and Intermediate U.S. Government Fund acquire the assets and assume the
liabilities of Adjustable U.S. Government Reserve Fund and Government Income
Fund, respectively. Upon consummation of the proposed transactions, shareholders
of Adjustable U.S. Government Reserve Fund and Government Income Fund will
become shareholders of Stable Income Fund or Intermediate U.S. Government Fund.
These transactions have been submitted for approval to the shareholders of each
Fund. A meeting of shareholders of each Fund for the purpose of voting on the
transaction has been scheduled on May 13, 1996. March 25, 1996 was fixed as the
record date for the determination of those shareholders entitled to notice of,
and to vote at, this meeting. The combinations will be effected shortly after
shareholder approval is obtained.
Stable Income Fund has an investment objective and investment policies that are
similar to those of Adjustable U.S. Government Reserve Fund and invests in the
same type of securities in which the Fund currently invests. Intermediate U.S.
Government Fund has an investment objective and investment policies that are
similar to those of Government Income Fund and invests in the same type of
securities in which the Fund currently invests. A prospectus for Stable Income
Fund and Intermediate U.S. Government Fund may be obtained by contacting the
Trust at 612-667-8833 or 800-338-1348.
INCOME FUND AND TOTAL RETURN BOND FUND
A Shares and B Shares of Income Fund and Total Return Bond Fund are no longer
offered for sale through this prospectus. The current prospectus for those Funds
may be obtained by contacting the Trust at 612-667-8833 or 800-338-1348.
April 1, 1996
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NORWEST ADVANTAGE FUNDS
I Shares
INTERNATIONAL FUND
Prospectus Dated October 1, 1995, as amended March 1, 1996
ADJUSTABLE U.S, GOVERNMENT FUND, GOVERNMENT INCOME FUND, INCOME STOCK FUND
Prospectus Dated October 1, 1995, as amended April 1, 1996
- --------------------------------------------------------------------------------
1. INTERNATIONAL FUND
a. EXPENSES OF INVESTING IN THE FUND
The purpose of the following table (which replaces the "Annual Operating
Expenses" table of International Fund on Page 6 of the Prospectus) is to assist
investors in understanding the expenses that an investor in shares of the Fund
will bear directly or indirectly. There are no transaction charges in
connection with purchases, redemptions or exchanges of I Shares. The Fund has
not adopted a Rule 12b-1 plan with respect to I Shares and, accordingly, the
Fund does not incur distribution expenses with respect to those shares.
ANNUAL OPERATING EXPENSES
(as a percentage of average net assets after applicable fee waivers and expense
reimbursements)(1)
TOTAL
INVESTMENT OTHER OPERATING
ADVISORY FEES EXPENSES(2) EXPENSES
0.45% 1.05% 1.50%
(1) For a further description of the various expenses incurred in the Fund's
operations, see "Management of the Funds." Expenses associated with A Shares
and B Shares of the Fund differ from those of the Shares listed in the table
shown above. The amount of expenses for the Fund are based on amounts incurred
during the Fund's most recent fiscal year ended October 31, 1995. Absent actual
expense reimbursements and fee waivers, Other Expenses and Total Operating
Expenses would have been 1.21% and 1.66%, respectively.
(2) The expenses for the Fund as listed above include the Fund's pro rata
portion of all operating expenses of International Portfolio, which are borne
indirectly by Fund shareholders. The Trust's Board of Trustees believes that
the aggregate per share expenses of the Fund and International Portfolio will be
approximately equal to the expenses the Fund would incur if its assets were
invested directly in foreign securities. Investment Advisory Fees are those
incurred by International Portfolio; as long as its assets are invested in
International Portfolio, the Fund pays no investment advisory fees directly.
(3) Other Expenses for the Fund include transfer agency fees payable to Norwest
at an annual rate of 0.25% of the Fund's average daily net assets attributable
to I Shares and administrative service fees payable to Norwest of 0.25%.
EXAMPLE
Following is a hypothetical example (which, with respect to International Fund,
replaces the "Example" table on Page 7 of the Prospectus) that indicates the
dollar amount of expenses that an investor in the Fund would pay assuming a
$1,000 investment, a 5% annual return, reinvestment of all dividends and
distributions, and full redemption at the end of each period:
ONE YEAR THREE YEARS FIVE YEARS TEN YEARS
15 47 82 179
The example is based on the expenses listed in the "Annual Operating Expenses"
table above. The 5% annual return is not a prediction of and does not represent
the Fund's projected returns; rather, it is required by government regulation.
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE EXPENSES
OR RETURN. ACTUAL EXPENSES AND RETURN MAY BE GREATER OR LESS THAN INDICATED.
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B. FINANCIAL HIGHLIGHTS
The purpose of the following table (which replaces the "Financial Highlights"
table of International Fund on Page 9 of the Prospectus) is to provide financial
highlights for the Fund. This information represents selected data for a single
outstanding I Share for the period from November 11, 1994 through October 31,
1995. Information for this period was audited by KPMG Peat Marwick LLP,
independent auditors. The Fund's financial statements for the fiscal period
ended October 31, 1995 and independent auditors' report thereon are contained in
the Fund's Annual Report and are incorporated by reference into the SAI.
Further information about the Fund's performance is contained in the Annual
Report, which may be obtained from the Trust without charge.
November 11, 1994
through
October 31 1995
Beginning Net Asset Value per Share $17.28
Net Investment Income 0.09
Net Realized and Unrealized Gain (Loss)
on Investments, Foreign Currency
Transactions and Futures Transactions 0.62
Dividends from Net Investment Income -
Distributions from Net Realized Gains -------
Ending Net Asset Value per Share $ 17.99
Ratios to Average Net Assets:
Expenses(b) 1.50%(b)(c)
Net Investment Income 0.54%(b)
Total Return 4.11%
Portfolio Turnover Rate N/A
Net Assets at the End of Period (000's Omitted) $91,401
(a) During the period, various fees and expenses were waived and reimbursed,
respectively. Had these waivers and reimbursements not occurred, the ratios of
expenses to average net assets would have been:
Expenses: 1.66%(b)
(b) Annualized.
(c) Includes expenses allocated from International Portfolio of Core Trust
(Delaware) of 0.80%, net of waivers of 0.10%.
2. ADJUSTABLE U.S. GOVERNMENT RESERVE FUND, GOVERNMENT INCOME FUND, INCOME
STOCK FUND
Management of the Trust has proposed that Adjustable U.S. Government Reserve
Fund, Government Income Fund and Income Stock Fund merge with the Trust's Stable
Income Fund, Intermediate U.S. Government Fund and Income Equity Fund,
respectively, by having Stable Income Fund, Intermediate U.S. Government Fund
and Income Equity Fund acquire the assets and assume the liabilities of
Adjustable U.S. Government Reserve Fund, Government Income Fund and Income Stock
Fund, respectively. Upon consummation of the proposed transactions, shareholders
of Adjustable U.S. Government Reserve Fund, Government Income Fund and Income
Stock Fund will become shareholders of Stable Income Fund, Intermediate U.S.
Government Fund or Income Equity Fund.
These transactions have been submitted for approval to the shareholders of each
Fund. A meeting of shareholders of each Fund for the purpose of voting on the
transaction is scheduled to be held on May 13, 1996. March 25, 1996 was fixed as
the record date for the determination of those shareholders entitled to notice
of, and to vote at, this meeting. The combinations will be effected shortly
after shareholder approval is obtained.
Stable Income Fund has an investment objective and investment policies that are
similar to those of Adjustable U.S. Government Reserve Fund and invests in the
same type of securities in which the Fund currently invests. Intermediate U.S.
Government Fund has an investment objective and investment policies that are
similar to those of Government Income Fund and invests in the same type of
securities in which the Fund currently invests. Income Equity Fund has an
investment objective and investment policies that are similar to those of Income
Stock Fund and invests in the same type of securities in which the Fund
currently invests. A prospectus for Stable Income Fund, Intermediate U.S.
Government Fund and Income Equity Fund may be obtained by contacting the Trust
at 612-667-8833 or 800-338-1348.
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NORWEST ADVANTAGE FUNDS
STABLE INCOME FUND
INTERMEDIATE U.S. GOVERNMENT FUND
A SHARES
B SHARES
Amendment to Prospectus Dated April 1, 1996
A Shares and B Shares of Stable Income Fund and Intermediate U.S. Government
Fund currently are not offered for sale.
April 1, 1996
<PAGE>
NORWEST ADVANTAGE FUNDS
DIVERSIFIED EQUITY FUND
GROWTH EQUITY FUND
INCOME EQUITY FUND
A SHARES
B SHARES
Amendment to Prospectus Dated April 1, 1996
A Shares and B Shares of Diversified Equity Fund, Growth Equity Fund and Income
Equity Fund currently are not offered for sale.
April 1, 1996
